No NOVEMBER 2015
|
|
- Daniela Gregory
- 7 years ago
- Views:
Transcription
1 No NOVEMBER 2015 RECOVERY IN CROSS-BORDER MERGERS AND ACQUISITIONS HIGHLIGHTS Cross-border merger and acquisition (M&A) activity increased significantly in the first half of 2015, but may be slowing down in the second half of the year. The value of cross-border M&A purchases, which is an indicator of outward FDI flows, rose to US$441 billion, a 136% increase over the same period of 2014 (figure 1). Figure 1. Value of cross-border M&As, 2005H1-2015H1 Abbreviation: H1 first half of the year. Multinational enterprises (MNEs) from developed countries were the principal drivers of the global cross-border M&A trend. European MNEs, after a number of years of high divestment levels, registered a sharp rise in the value of acquisitions in Cross-border M&As carried out by MNEs from North America continued to grow strongly (up more than 100%). Acquisitions by Canadian MNEs reached their highest half-year level. Tax inversions accounted for half of outbound deals by value from the United States, although they represented a small share (10%) of global cross-border M&A purchases.
2 After emerging as the largest investing region in the world for the first time in 2014, cross-border M&As by firms from developing Asia registered a decline this year (-27%). Activity by MNEs from Latin America and the Caribbean, as well as from Africa also decreased, reflecting the consequences of depreciating domestic currencies and falling commodity prices. The growth of cross-border M&A purchases is projected to slow in the second half of 2015, but the full year value will be well above that of 2014, based on the first ten months of the year. While economic, financial, and structural trends support this forecast, potential downside factors could limit the scale and length of this current wave of cross-border M&As going forward. Cross-border M&A activity gathered strength in the first half of 2015 as MNEs took advantage of record cash positions, as well as exceptional global liquidity conditions, to make acquisitions with a view to boosting revenue growth and generating cost efficiencies. The value of net purchases rose to US$441 billion in the first six months of the year, a 136% increase over the same period of 2014, and the highest level since the second half of A strong rebound in purchases by European MNEs, coupled with a sharp decline in their divestments, fueled this global trend (figure 2). The net value of their purchases rose to US$179 billion in the first half of 2015, a swing of US$225 billion when compared with a net divestment of assets during the same period of North American MNEs purchases more than doubled to reach US$145 billion, with acquisitions by Canadian MNEs hitting their highest half-year level on record. Acquisitions by MNEs based in the United States were boosted by a small number of high-value tax inversion deals. Figure 2. Value of cross-border M&As, by purchasing region, 2013H1-2015H1 Acquisitions by MNEs from developing regions fell in the first six months of M&As by companies from developing Asia, which was the largest investor region worldwide in 2014, cooled to US$71 billion in the first half of 2015, down from US$98 billion in the same period of 2014 (figure 2). MNEs from Latin America and the Caribbean (excluding offshore financial centers) and those from Africa sharply reduced their purchases. Both regions have been hit by the decline in international commodity prices, which has reduced the ability of their principal MNEs to carry out deals as a result of reduced profits and market value, as well as limiting access to financial markets.
3 A slowdown in divestments boosts the net value of M&As concluded by European MNEs A major driver of the resurgence of cross-border M&As in the first half of 2015 has been the reduction in divestments by European MNEs. Though the value of their gross purchases rose sharply by 72% in 2014, this was more than offset by a high level of divestments. In contrast, during the first six months of this year their divestments plummeted, which, coupled with a steady level of gross purchases, resulted in a swing from a net divestment of US$46 billion in the first half of 2014 to a net acquisition of assets of US$179 billion in While divestments by North American MNEs peaked in 2008 and have since returned to precrisis levels, European MNEs have experienced a prolonged period of deleveraging (figure 3). Between 2009 and 2012 their divestments averaged 69% of their gross purchases, rising to 87% in The latter period was heavily influenced by major divestments by MNEs from the United Kingdom, such as Vodafone Group PLC s sale of its stake in Verizon Wireless (United States) in 2014 for US$133 billion. Figure 3. Divestment to gross purchases ratio, by purchasing region, H1 (In percentages) The poor economic situation in Europe in the aftermath of the global crisis, as well as the heightened uncertainty resulting from the repeated shocks associated with the Eurozone debt crisis, led to MNEs from many European countries divesting assets for either economic or strategic considerations. MNEs from countries that were most impacted by the Eurozone crisis such as Greece, Ireland, Italy, Portugal and Spain registered particularly high levels of divestments, with divestment to gross purchase ratios averaging around 150% between 2012 and In 2015 this trend reversed, though not necessarily to the same extent in every country, as economic circumstances improved and financial conditions stabilized thanks to intervention by the European Central Bank. The level of divestments by Spanish MNEs, for example, declined markedly; moreover they were particularly active in the first half of the year, completing a number of large acquisitions. These included Repsol SA s purchase of Talisman Energy Inc (Canada) for US$8.3 billion and Banco de Sabadell SA s acquisition of TSB Banking Group Plc (United Kingdom) for US$2.5 billion.
4 Tax inversion deals play a role in cross-border deals by United States firms The overall surge in cross-border M&As concluded by MNEs from developed countries in the first half 2015 was also contributed to by investors located in North America. Their net purchases rose sharply in the first half of 2015 (+110% compared with the same period in the previous year), reaching US$145 billion. Acquisitions by Canadian MNEs grew particularly strong, posting a 130% increase to reach their highest half-year level on record (US$57 billion). The completion of a number of important megadeals that involved the state-owned, but independently managed, Canada Pension Plan Investment Board was a major factor. These deals included the US$12 billion purchase of GE Antares Capital (United States) and the $5.3 billion acquisition, jointly with Permira (United Kingdom), of Informatica Corporation (United States). The value of net purchases of MNEs from the United States also doubled in the first six months of the year, reaching US$88 billion. A rising US dollar, historically high cash levels and low funding costs have strengthened the purchasing power of MNEs from the United States. In addition, a significant share of outbound deals in value terms was motivated by tax considerations. While few in number, the value of so-called tax inversion deals rose to US$45 billion in the first half of 2015, accounting for 50% of net purchases by MNEs from the United States (figure 4). However, this was driven largely by Medtronic Inc s acquisition of Covidien PLC (Ireland) for US$42.7 billion. Figure 4. Value of tax inversion deals in completed net cross-border M&A purchases by MNEs from the United States, H % H1 Tax inversion deals Other deals Note: Tax inversion deals as identified by Bloomberg and Thomson Reuters. Tax, or corporate, inversions normally are acquisitions by MNEs domiciled in the United States of a foreign firm where the latter is transformed into the new headquarter and domicile of the combined entity, reducing its exposure to the worldwide tax system of the United States. Recent regulatory measures adopted by the Treasury Department of the United States led to some deals being called off in 2014 notably the proposed US$54 billion acquisition of Shire Plc (Ireland) by AbbVie Inc but other inversions have nonetheless gone forward in 2015.
5 A lull in South-South mega deals dampens cross-border M&A activity in developing and transition economies The value of cross-border M&A activity, both in terms of purchases and sales, fell in developing and transition economies in the first half of Net purchases by MNEs from these economies fell 34%, compared with the same period of the previous year, to US$72 billion (figure 5). The majority of this decline was due to a sharp reduction in the value of acquisitions in other developing and transition economies. Figure 5. MNEs from developing and transition economies: value of net purchases by target region, 2012H1-2015H1 Developing Asia, which was the world s largest investing region in 2014, registered the sharpest decline in net purchases in Nevertheless there was brisk activity by MNEs from a number of countries, including Singapore. Large deals included the purchase by a Singapore-based investor group of IndCor Properties Inc (United States) for $8.1 billion and United Fiber System Ltd s (Singapore) acquisition of a 67% stake in Golden Energy Mines Tbk PT (Indonesia) for US$2.3 billion. The value of net M&As carried out by MNEs from Latin America and the Caribbean fell sharply (-90%) in the first half of Their divestments rose to US$8.3 billion, largely as a result of Oi SA s (Brazil) sales of its Portuguese assets to Altice SA (Luxembourg) for US$7.2 billion. African MNEs registered a similar decline, but the level of their sales was not sufficient to push them to net divestment. A slowdown in large deals carried out by the region s MNEs contributed to the decline in net value. MNEs from transition economies have slowed their purchases in Net purchases by MNEs from the Russian Federation fell 24% to US$866 million in the first six months of the year. These firms have been impacted by the rapid decline in commodity prices, in particular of crude oil, and reduced access to international financial markets.
6 Will this wave of cross-border M&As continue? The growth of cross-border M&A purchases is projected to slow in the second half of 2015, but the full year value will still be well above that of 2014, based on preliminary data for the first ten months of the year (figure 6). Figure 6. Value of cross-border M&As, 2013M1-M10 to 2015M1-M10 (Millions of US dollars) Abbreviation: M1 first month of the year A number of economic, financial and structural factors suggest that cross-border M&As will continue to grow in value in the coming years, although at a slower pace: Cross-border M&As are an attractive way to secure higher revenues when faced with slower organic growth, especially as emerging markets slow and developed countries register only modest growth. This tendency is likely to be bolstered by MNEs cash-holding which remain at record levels. While previous M&A waves have often served to create large conglomerates that operate over a number of industries, current business conditions accord greater weight on a return to core competencies, driving firms to shed non-core operations and acquire strategic assets that complement their existing activities. At the same time, there are downside factors that could limit the scale and length of the current M&A wave. For instance, the high levels of corporate debt in emerging markets issued in previous years will become increasingly costly to roll over as interest rates might rise. This will be especially true for MNEs from developing and transition economies whose currencies have depreciated in 2015.
7 The next issue of UNCTAD s Global Investment Trends Monitor will be released in mid-january 2016.
No.22 20 JANUARY 2016
No.22 20 JANUARY 2016 EMBARGO 20 JANUARY 2016, 17:00 GMT (12:00 New York, 18:00 Geneva) FDI RECOVERY IS UNEXPECTEDLY STRONG, BUT LACKS PRODUCTIVE IMPACT HIGHLIGHTS Global FDI flows jumped 36% in 2015 to
More informationNo. 18 29 January 2015
EMBARGO 29 JANUARY 2015, 17:00 GMT (12:00 New York, 18:00 Geneva) No. 18 29 January 2015 GLOBAL FDI FLOWS DECLINED IN 2014 CHINA BECOMES THE WORLD S TOP FDI RECIPIENT HIGHLIGHTS In 2014, global foreign
More informationNo. 15 28 January 2014
No. 15 28 January 2014 GLOBAL FDI ROSE BY 11%; DEVELOPED ECONOMIES ARE TRAPPED IN A HISTORICALLY LOW SHARE HIGHLIGHTS Global foreign direct investment (FDI) inflows rose by 11% in 2013, to an estimated
More informationINVESTMENT FLOWS THROUGH OFFSHORE FINANCIAL HUBS DECLINED BUT REMAIN AT HIGH LEVEL. EMBARGO 3 MAY 2016, 13:00 GMT (09:00 New York, 15:00 Geneva)
No.23 3 MAY 2016 INVESTMENT FLOWS THROUGH OFFSHORE FINANCIAL HUBS DECLINED BUT REMAIN AT HIGH LEVEL EMBARGO 3 MAY 2016, 13:00 GMT (09:00 New York, 15:00 Geneva) HIGHLIGHTS In 2015, the volatility of investment
More informationInternational investment continues to struggle
FDI IN FIGURES December 2014 International investment continues to struggle Figures for the first half of 2014 point to stalled FDI flows Findings FDI fell in the first quarter of 2014 before rebounding
More informationCanada s Trade Performance
CRD Working Paper Canada s Trade Performance An Examination of Eight Indicators Dylan Moeller EDC August 1, 2012 Table of Contents Executive Summary... 3 1. Export growth... 5 2. Import growth... 6 3.
More information2013 2014e 2015f. www.economics.gov.nl.ca. Real GDP Growth (%)
The global economy recorded modest growth in 2014. Real GDP rose by 3.4%, however, economic performance varied by country and region (see table). Several regions turned in a lackluster performance. The
More informationFinancial Information
Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow
More informationQ3 FDI flows are up, but 2013 is heading towards a second annual decline
USD billions FDI IN FIGURES February 214 International investment struggles Q3 FDI flows are up, but 213 is heading towards a second annual decline Key findings Despite strong performance in Q3, global
More informationFDI gains momentum in second half of 2014
FDI IN FIGURES April 2015 FDI gains momentum in second half of 2014 Global FDI flows picked up in the second half of 2014, increasing 17% in Q3 and 3% in Q4, representing an overall 9% increase in the
More informationX. INTERNATIONAL ECONOMIC DEVELOPMENT 1/
1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably
More informationCurrent account deficit -10. Private sector Other public* Official reserve assets
Australian Capital Flows and the financial Crisis Introduction For many years, Australia s high level of investment relative to savings has been supported by net foreign capital inflow. This net capital
More informationGlobal Markets Update Signature Global Advisors
SIGNATURE GLOBAL ADVISORS MARKETS UPDATE AUGUST 3, 2011 The following comments come from an internal interview with Chief Investment Officer, Eric Bushell. They represent Signature s current market views
More informationRecent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013
Recent Developments in Local Currency Bond Markets (LCBMs) 1 October 2013 Given the importance of local currency bond markets (LCBMs), including in the context of the work now underway on financing for
More informationThe deal momentum continues into 2015
The Deloitte M&A Index H1 215 The deal momentum continues into 215 Key points In our previous reports we highlighted that globally corporates are in a strong position to pursue M&A. They have rebuilt their
More informationSection B Developments in the Domestic Government Bond Market and in Global Bond Markets in 2005
Section B Developments in the Domestic Government Bond Market and in Global Bond Markets in 2005 Section B Developments in the Domestic Government Bond Market and in Global Bond Markets in 2005 1. Macro-Economic
More informationChart 1: Zambia's Major Trading Partners (Exports + Imports) Q4 2008 - Q4 2009. Switzernd RSA Congo DR China UAE Kuwait UK Zimbabwe India Egypt Other
Bank of Zambia us $ Million 1. INTRODUCTION This report shows Zambia s direction of merchandise trade for the fourth quarter of 2009 compared with the corresponding quarter in 2008. Revised 1 statistics,
More information2. UK Government debt and borrowing
2. UK Government debt and borrowing How well do you understand the current UK debt position and the options open to Government to reduce the deficit? This leaflet gives you a general background to the
More informationNet income in the second quarter was 1.281 billion, compared to 538 million in the previous quarter and 578 million in the same quarter a year ago.
Press Presse Prensa For the business and financial press Munich/Erfurt, April 25, 2002 Siemens in the second quarter (January 1 to March 31) of fiscal 2002 Net income in the second quarter was 1.281 billion,
More information41.6 Billion USD invested in M&A (vs. 34.3 Billion in 9M 2012) 57% M&A (vs. 56% M&A in 9M 2012)
The reference indicator for Chinese outbound investments worldwide & for the globalization rate of the Chinese Economy 9M 2013 Full Year DRAGON INDEX TM hits 2483 points, ODI +20%, FDI +5% Chinese M&A:
More informationWorld Manufacturing Production
Quarterly Report World Manufacturing Production Statistics for Quarter IV, 2013 Statistics Unit www.unido.org/statistics Report on world manufacturing production, Quarter IV, 2013 UNIDO Statistics presents
More informationMain trends in industry in 2014 and thoughts on future developments. (April 2015)
Main trends in industry in 2014 and thoughts on future developments (April 2015) Development of the industrial sector in 2014 After two years of recession, industrial production returned to growth in 2014.
More informationThe Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost *
The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * There has been substantial consolidation among firms in many industries in countries around
More informationWorld Economic Situation Prospects
World Economic Situation Prospects and 2016 United Nations World Economic Situation and Prospects 2016 asdf United Nations New York, 2016 vi World Economic Situation and Prospects 2016 Executive summary
More informationASSET MANAGER DEALS:
//////////////////////////////////////////////////////////////// ASSET MANAGER DEALS: Trends in Asset Manager M&A Five-Year Empirical Deal Study Christopher S. Harrison Schulte Roth & Zabel LLP Negotiating
More informationThe Impact of Exchange Rate Movements on Vegetable Imports
The Impact of Exchange Rate Movements on Vegetable Imports This paper examines whether movement in the exchange rate of the Australia dollar is the major explanatory factor for changes in the level of
More informationPROTECTING YOUR PORTFOLIO WITH BONDS
Your Global Investment Authority PROTECTING YOUR PORTFOLIO WITH BONDS Bond strategies for an evolving market Market uncertainty has left many investors wondering how to protect their portfolios during
More informationFor the business and financial press Bournemouth, April 24, 2003. Siemens in the second quarter (January 1 to March 31) of fiscal 2003
s Press Presse Prensa For the business and financial press Bournemouth, April 24, 2003 Siemens in the second quarter (January 1 to March 31) of fiscal 2003 Net income for the second quarter of fiscal 2003
More informationGlobal outlook: Healthcare
Global outlook: Healthcare March 2014 healthcare 1 Today s presenters Ana Nicholls Managing Editor, Industry Briefing Economist Intelligence Unit Lauren Brayshaw Marketing executive Economist Intelligence
More informationExperian Business Debt Index (BDI) Results. Q2 2015
Experian Business Debt Index (BDI) Results. Q2 2015 Analysis Econometrix +27 11 483 1421 ilsef@econometrix.co.za Enquiries Experian +27 11 799 3400 BDIreport@experian.co.za EXPERIAN BUSINESS DEBT INDEX
More informationConsolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP)
Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges Where
More informationInsurance Market Outlook
Munich Re Economic Research May 2014 Premium growth is again slowly gathering momentum After a rather restrained 2013 (according to partly preliminary data), we expect growth in global primary insurance
More informationFurther Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges
Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges Zhang Ying, Senior Economist In recent years, as the internationalization of the RMB has been steadily carrying out,
More informationFinancial Repression: A Driving Force for Mergers and Acquisitions?
Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past
More informationBAHAMAS. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 BAHAMAS 1. General trends Growth in the Bahamian economy slowed in 2013 to 0.7%, down from 1.0% in 2012, dampened by a decline in stopover tourism,
More informationBANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND
BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS
More informationThe global economy in 2007
Introduction The global economy in 27 Global output grew 3.8 percent in 27, receding slightly from 4 percent in 26. The downturn was greatest in high-income economies, where growth fell from 3 percent
More information1. CONSOLIDATED OPERATING RESULTS
1. CONSOLIDATED OPERATING RESULTS (1) Qualitative Information of Consolidated Performance 1. Overview of Consolidated Performance Three months ended June 30, 2014 (From April 1, 2014 to June 30, 2014)
More informationII. Merchandise trade
II. Merchandise trade Merchandise trade increased by 5 per cent in volume in 211. The strongest momentum was achieved by trade in manufactured goods, which grew by.5 per cent. Key developments in 211:
More informationTable 1: Resource Exports Per cent of total nominal exports; selected years
Australia and the Global market for Bulk Commodities Introduction The share of Australia s export earnings derived from bulk commodities coking coal, thermal coal and iron ore has increased over recent
More informationU.S. Trade Overview, 2013
U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of the
More informationEXECUTIVE SUMMARY 3 INTRODUCTION 4. Drivers of international higher education 4 Report structure 4 METHODOLOGY 6
Education Intelligence Postgraduate student mobility trends to 2024 October 2014 Contents EXECUTIVE SUMMARY 3 INTRODUCTION 4 Drivers of international higher education 4 Report structure 4 METHODOLOGY 6
More informationGlobal payments trends: Challenges amid rebounding revenues
34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.
More informationHighlights of the BIS international statistics 1
Highlights of the BIS international statistics 1 BIS reporting banks reduced their cross-border claims in the third quarter of 213, especially claims on banks, which contracted the most since the second
More informationMAPFRE in 2014. Antonio Huertas. Presentation of Annual Results February 11, 2015. MAPFRE Chairman & CEO
MAPFRE in 2014 Presentation of Annual Results February 11, 2015 Antonio Huertas MAPFRE Chairman & CEO 2014 Results MAPFRE's results are excellent: 845 million euros in profits 2013 2014 % Consolidated
More informationConsumer Credit Worldwide at year end 2012
Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international
More informationUK commercial property provides investors with strongest returns in 2014 Global Equity levels at record high
NOT FOR BROADCAST OR PUBLICATION BEFORE 00.01 HRS THURSDAY 27 th NOVEMBER 2014 Lloyds Bank Private Banking Assetwatch report tracks the value of nine asset groups. The asset classes are UK Shares, Global
More informationBank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond
4 October 2011 Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond Thank you and good morning. It s a pleasure to be here and I d like to thank our hosts for the opportunity to
More informationI. World trade developments
I. World trade developments World merchandise exports grew by 2 per cent in value terms in 2013 while exports of commercial services increased by per cent. Key developments in 2013: a snapshot Trade data
More informationTREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS
EMBARGOED: FOR RELEASE AT 4:00 P.M. EST, THURSDAY, FEBRUARY 10, 2011 TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS October December 2010 During the fourth quarter of 2010, the U.S. dollar s
More informationEurozone. EY Eurozone Forecast September 2013
Eurozone EY Eurozone Forecast September 213 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Finland
More informationPRESS RELEASE. Revenue as of March 31, 2011. Sharp growth in Bureau Veritas Q1 2011 revenue Revenue up 23% to 775 million Organic growth of 6.
1 PRESS RELEASE Neuilly-sur-Seine, France, May 4, 2011 Sharp growth in Bureau Veritas Q1 2011 revenue Revenue up 23% to 775 million Organic growth of 6.5% Frank Piedelièvre, Chairman and Chief Executive
More informationBANK OF ISRAEL Office of the Spokesperson and Economic Information. Report to the public on the Bank of Israel s discussions prior to deciding on the
BANK OF ISRAEL Office of the Spokesperson and Economic Information September 7, 2015 Report to the public on the Bank of Israel s discussions prior to deciding on the General interest rate for September
More informationRECENT TRADE DEVELOPMENTS AND SELECTED TRENDS IN TRADE
I A RECENT TRADE DEVELOPMENTS AND SELECTED TRENDS IN TRADE RECENT TRENDS IN INTERNATIONAL TRADE 1. INTRODUCTION: THESTATEOFTHEWORLDECONOMYANDTRADE IN 2006 The year 2006 witnessed robust growth in the world
More informationLarge and Small Companies Exhibit Diverging Bankruptcy Trends
JANUARY, 22 NUMBER 2-1 D I V I S I O N O F I N S U R A N C E Bank Trends Analysis of Emerging Risks In Banking WASHINGTON, D.C. ALAN DEATON (22) 898-738 adeaton@fdic.gov Large and Small Companies Exhibit
More informationKey performance indicators
Key performance indicators The Board and the Executive Committee use a number of key performance indicators (1) ( KPIs ) to monitor Group and regional performance against budgets and forecasts as well
More informationWorld Manufacturing Production
Quarterly Report World Manufacturing Production Statistics for Quarter III, 2013 Statistics Unit www.unido.org/statistics Report on world manufacturing production, Quarter III, 2013 UNIDO Statistics presents
More informationChapter-2. The Global Economic Situation and India s External Sector
Chapter-2 The Global Economic Situation and India s External Sector Introduction Four years after the onset of the global financial crisis, the world economy continues to struggle. Whilst a weak global
More informationEuropean Debt Crisis and Impacts on Developing Countries
July December 2011 SR/GFC/11 9 SESRIC REPORTS ON GLOBAL FINANCIAL CRISIS 9 SESRIC REPORTS ON THE GLOBAL FINANCIAL CRISIS European Debt Crisis and Impacts on Developing Countries STATISTICAL ECONOMIC AND
More informationAcerinox Press Release 2014 First Half Results. Page 0 / 10
Page 0 / 10 2014 First Half Results Acerinox's profit after taxes and minorities for the first half of 2014 is Euros 76.1 million, representing a rise of 373% on the same period in the prior year The Group's
More information1. The financial crisis of 2007/2008 and its impact on the UK and other economies
1. The financial crisis of 2007/2008 and its impact on the UK and other economies Do you still feel vague about the causes and the effects of the financial crisis of 2007/8? Are you preparing for a job
More informationIntroduction B.2 & B.3 111
Risks and Scenarios Introduction The forecasts presented in the Economic and Tax Outlook chapter incorporate a number of judgements about how both the New Zealand and the world economies evolve. Some judgements
More informationFinancial supplement 2013. Zurich Insurance Group Annual Report 2013
Financial supplement 2013 Zurich Insurance Group Annual Report 2013 2 Contents Results for the Year ended December 31, 2013 Financial supplement (unaudited) Financial highlights (unaudited) Business operating
More informationExecutive summary. Global Wage Report 2014 / 15 Wages and income inequality
Executive summary Global Wage Report 2014 / 15 Wages and income inequality Global Wage Report 2014/15 Wages and income inequality Executive summary INTERNATIONAL LABOUR OFFICE GENEVA Copyright International
More informationRating Action: Moody's assigns A3 IFSRs to Atradius, negative outlook
Rating Action: Moody's assigns A3 IFSRs to Atradius, negative outlook Global Credit Research - 25 Oct 2012 London, 25 October 2012 -- Moody's Investors Service has assigned A3 insurance financial strength
More informationInternet address: http://www.bls.gov/fls USDL: 04-2343
Internet address: http://www.bls.gov/fls USDL: 04-2343 Technical information: (202) 691-5654 For Release: 10:00 A.M. EST Media contact: (202) 691-5902 Thursday, November 18, 2004 INTERNATIONAL COMPARISONS
More informationWORLD ROBOTICS 2006 EXECUTIVE SUMMARY
2005 World Robot Market Total world-wide sales: 126,700 units, up 30% on 2004 EXECUTIVE SUMMARY World total stock of operational industrial robots: 923,000 units, 9% greater than 2004 World market surged
More informationStatement by. Janet L. Yellen. Chair. Board of Governors of the Federal Reserve System. before the. Committee on Financial Services
For release at 8:30 a.m. EST February 10, 2016 Statement by Janet L. Yellen Chair Board of Governors of the Federal Reserve System before the Committee on Financial Services U.S. House of Representatives
More informationChapter 12: Gross Domestic Product and Growth Section 1
Chapter 12: Gross Domestic Product and Growth Section 1 Key Terms national income accounting: a system economists use to collect and organize macroeconomic statistics on production, income, investment,
More informationHow To Improve The Performance Of Grande Grande Gourd
Limoges, February 12, 2015 2014 performances in line with targets Group development initiatives actively pursued On the closing of full-year accounts for 2014, Gilles Schnepp, Legrand Chairman and CEO,
More informationA good start to the year, in line with expectations Danone continues to re-balance its model of growth
First-quarter 206 sales Press release Paris, April 9, 206 A good start to the year, in line with expectations Danone continues to re-balance its model of growth FIRST QUARTER 206 sales growth: +3.5% Solid
More informationGrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%
GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue
More informationI. World trade developments
I. World trade developments World merchandise exports stagnated in value terms in 2012 while exports of commercial services increased by 2 per cent. Key developments in 2012: a snapshot Trade data List
More informationM&G Corporate Bond Fund
Quarterly Review M&G Corporate Bond Fund Third quarter 2015 Fund manager Richard Woolnough Overview A general risk-off tone prevailed in the third quarter amid significant volatility in risk markets, driving
More informationTHE EUROPEAN INVESTMENT FUND AND THE EVIDENCE OF THE UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) MARKET
40 THE EUROPEAN INVESTMENT FUND AND THE EVIDENCE OF THE UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) MARKET Prof. Ioan TRENCA, PhD Junior Assist. Cristina CURUŢIU University
More information6. Economic Outlook. The International Economy. Graph 6.2 Terms of Trade Log scale, 2012/13 average = 100
6. Economic Outlook The International Economy Growth of Australia s major trading partners is expected to be around its long-run average in 015 and 016 (Graph 6.1). Forecasts for 015 have been revised
More informationConsolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)
Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges
More informationThe rise of the cross-border transaction. Grant Thornton International Business Report 2013
The rise of the cross-border transaction Grant Thornton International Business Report 2013 Foreword MIKE HUGHES GLOBAL SERVICE LINE LEADER MERGERS & ACQUISITIONS GRANT THORNTON INTERNATIONAL LTD When reflecting
More informationTHE RISE OF BRICS FDI AND AFRICA HIGHLIGHTS
SPECIAL EDITION 25 March 2013 UNEDITED VERSION THE RISE OF BRICS FDI AND AFRICA HIGHLIGHTS BRICS (Brazil, the Russian Federation, India, China and South Africa) have emerged as major recipients of FDI
More informationTracking UK Foreign Direct Investment (FDI) into selected overseas economies Phase I report
Tracking UK Foreign Direct Investment (FDI) into selected overseas economies Phase I report Joint Nature Conservation Committee May 2008 Contents 1. Summary 2. Background and project objectives 3. Data
More informationFactoring Exchange Rate Policy into your Investment Strategy: Risks Facing Andean Countries
Factoring Exchange Rate Policy into your Investment Strategy: Risks Facing Andean Countries September 2011 Dr. Eliot Kalter President, E M Strategies Senior Fellow, The Fletcher School Ekalter@EMStrategies.com
More informationImpact of Global Financial Crisis on South Asia
Impact of Global Financial Crisis on South Asia February 17, 2009 - The global financial crisis hit South Asia at a time when it had barely recovered from severe terms of trade shock resulting from the
More informationConsolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)
Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges
More informationThe wine market: evolution and trends
The wine market: evolution and trends May 2014 1 Table of contents 1. WINE CONSUMPTION 3 2. TRENDS IN WORLD WINE TRADE IN 20 6 3. TOP WINE EXPORTERS IN 20 7 4. TOP WINE IMPORTERS IN 20 9 5. THE FIVE LARGEST
More information2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013
2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%
More informationWhy Has Japan Been Hit So Hard by the Global Recession?
IMF STAFF POSITION NOTE March 18, 9 SPN/9/5 Why Has Been Hit So Hard by the Global Recession? Martin Sommer I N T E R N A T I O N A L M O N E T A R Y F U N D INTERNATIONAL MONETARY FUND Why Has Been Hit
More informationForeign Direct Investors Outlays to Acquire or Establish U.S. Businesses Rose in 2004
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY JUNE 1, 2005 Thomas Anderson: (202) 606-9879 BEA 05-23 Foreign Direct Investors Outlays to Acquire or Establish U.S. Businesses Rose in 2004 In 2004,
More informationAdjusting to a Changing Economic World. Good afternoon, ladies and gentlemen. It s a pleasure to be with you here in Montréal today.
Remarks by David Dodge Governor of the Bank of Canada to the Board of Trade of Metropolitan Montreal Montréal, Quebec 11 February 2004 Adjusting to a Changing Economic World Good afternoon, ladies and
More informationBOFIT Forecast for Russia 2014 2016
BOFIT Forecast for Russia BOFIT Russia Team BOFIT Forecast for Russia 2014 2016 Bank of Finland BOFIT Institute for Economies in Transition Bank of Finland BOFIT Institute for Economies in Transition PO
More informationLEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST. U.S. Economic Growth to Accelerate. Chart 1. Growth Rate of U.S.
CENTER FOR BUSINESS & ECONOMIC RESEARCH LEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST O U.S. Economic Growth to Accelerate ver the past few years, U.S. economic activity has remained
More informationHSBC BANK CANADA FIRST QUARTER 2014 RESULTS
7 May 2014 HSBC BANK CANADA FIRST QUARTER 2014 RESULTS Profit before income tax expense for the quarter ended 2014 was C$233m, a decrease of 13.4% compared with the same period in and broadly unchanged
More informationFOURTH QUARTER NET INCOME INCREASES 12% TO A RECORD $5.32 BILLION FOURTH QUARTER EPS OF $1.02, UP 12% REVENUES INCREASE 9% TO $21.
FOURTH QUARTER NET INCOME INCREASES 12% TO A RECORD $5.32 BILLION FOURTH QUARTER EPS OF $1.02, UP 12% REVENUES INCREASE 9% TO $21.9 BILLION CITIGROUP 2004 NET INCOME OF $17.0 BILLION, EPS OF $3.26 REVENUES
More informationSanford C. Bernstein Strategic Decisions Conference. May 2014. Tom Lynch Chairman and Chief Executive Officer
Sanford C. Bernstein Strategic Decisions Conference May 2014 Tom Lynch Chairman and Chief Executive Officer FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES Forward-Looking Statements -- This presentation
More informationBanco Santander s profit rose 90% to EUR 4.370 billion in 2013
Press Release Banco Santander s profit rose 90% to EUR 4.370 billion in 2013 BUSINESS. Deposits were stable at EUR 607,836 million, while mutual funds grew by 14% to EUR 93,304 million. Loans decreased
More informationPress Presse Prensa. For the business and financial press Munich, July 24, 2002. Siemens in the third quarter (April 1 to June 30) of fiscal 2002
s Press Presse Prensa For the business and financial press Munich, July 24, 2002 Siemens in the third quarter (April 1 to June 30) of fiscal 2002 Net income in the third quarter was 725 million. Comparable
More informationWelcome to Zurich Insurance Group s results presentation for the first half of the 2015 financial year.
Q2 Results 2015 Remarks by Martin Senn (slides 3 to 8), Chief Executive Officer, and George Quinn (slides 10 to 22), Chief Financial Officer of Zurich Insurance Group. August 6, 2015 Slide 3: Key financials
More informationMergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry
Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry Improving Industry Health to Bolster Global Merger Activity in 2014 NC3B-F1 January 2013 Contents Section Slide Number
More informationThe foreign-exchange and derivatives markets in Hong Kong
The foreign-exchange and derivatives markets in Hong Kong by the Banking Policy Department The results of the latest triennial global survey of turnover in the markets for foreign-exchange (FX) and over-the-counter
More informationhays oil & gas global job index
hays oil & gas global job index POSITIVE MARKET ACTIVITY Quarter 3, 2012. hays-oilgas.com Introduction Each month Hays Oil & Gas records the number of on-line jobs advertising oil and gas vacancies. To
More informationMoney into Property Europe 2012 Forced deleveraging next
Forced deleveraging next 25 April 2012 Contents Introduction 2 Section 1 Sizing of the market 3 Section 2 Current sentiment 10 Section 3 Our key views 14 Appendix 18 Despite ongoing economic and political
More information